Flexible Options

As you move through your different life stages, we have a range of flexible mortgage options that you may be able to avail of.

Please contact our customer service team to see if you can avail of some of these flexible options.

Payment Moratorium

You may be able to take a moratorium (break) on your mortgage repayments of up to three months, once your mortgage is not in arrears. You may find this beneficial if you have a significant expense such as education expenses, medical expenses or the birth of a child. You may be able to avail of this up to three times over the life of your mortgage. We will change your repayments to ensure that your mortgage is still repaid within the originally agreed term.

Mortgage Overpayment

You may be able to overpay your mortgage if you wish to clear your mortgage earlier. There are 2 ways that you can make overpayments to your mortgage:

Make a ‘regular monthly overpayment’ (this can be cancelled at any time)

Make a ‘lump sum payment’

How does this work?

Regular monthly overpayment - The additional amount you pay over your normal monthly repayments will be paid against your capital balance. This will reduce your total interest charge and may shorten the term of your mortgage. An overpayment can be cancelled at any time but you will need to write a letter to our customer service team. Your monthly repayment amount will be fixed, which means the effect of the overpayment on the capital balance will vary with interest rate fluctuations during the overpayment period. Overpayments made are not refundable. Regular monthly overpayments are available to variable rate customers only.

Lump sum repayments - You can pay a lump sum off your mortgage at any time and you will immediately reduce the capital amount outstanding. An additional lump sum paid into your mortgage account will automatically reduce the amount of your monthly repayments for the remainder of your mortgage term. Alternatively, if you wish to maintain your repayments and reduce the term of your mortgage instead, you will need to send us an instruction in writing (signed by all parties to the mortgage) and post this to ICS Mortgages, PO Box 1077, Maynooth, Co. Kildare. Lump sums paid into a mortgage account are not refundable. If you are on a fixed rate mortgage, a funding fee may apply.

For more information on our flexible mortgage options please get in touch.